With less than 24 hours until the US election, Bitcoin investors remain uncertain as the price continues to retrace after nearly reaching its all-time high less than a week ago. Betting odds still favor a Trump victory, while polls and sentiment suggest a much closer race. As anticipated, short-term volatility has spiked and is likely to persist. It is assumed that a Trump victory could trigger a short-term rally, pushing Bitcoin back above its all-time high, while a Harris victory might initially lead to a dip before a rebound to the upside.
The above image is how we view this election, regardless of the outcome, Bitcoin wins. Here’s our outlook for both scenarios:
If Donald Trump Wins: Trump has promised to create a Bitcoin Strategic Reserve, using government funds similarly to how the U.S. manages its oil reserves. This means the U.S. government would start buying and storing Bitcoin. This strategy would boost demand and enhance the government’s supportive stance on Bitcoin, resulting in higher Bitcoin prices.
If Kamala Harris Wins: Unlike Trump, Harris has yet to clarify her stance on Bitcoin, and her victory is generally seen as less bullish for Bitcoin in the short term. She hasn’t proposed anything comparable to Trump’s approach, so many expect an initial drop if she wins. However, the long-term impact of a Harris presidency is bullish for Bitcoin. It’s likely that her administration would turn on the “money printer” again to address the U.S.’s record debt levels. An increase in USD circulation would devalue the dollar and could lead more money to flow into Bitcoin, similar to the influx seen in 2021 when government handouts fueled investment in assets like Bitcoin.
TLDR: No matter who wins, Bitcoin stands as the true winner…
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: TAO ($420.5)
Stormrake Spotlight: TAO ($420.5)
TAO remains one of our top picks for the upcoming bull run. Amid market uncertainty, opportunities arise. While TAO is a strong coin in bullish conditions, it’s currently undergoing a pullback, which could provide a buying opportunity. Allocate wisely and consider dollar-cost averaging (DCA) into altcoins during dips.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
BTC Total ETF Flows for 4 Nov: $ - 153.2 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to face resistance as Bitcoin’s downtrend drags on. The 21 EMA remains a crucial resistance level for ETH, keeping the trend bearish. The $2,300 level is a key support for ETH and could be tested if BTC declines further. Conversely, if BTC turns bullish, ETH may retest the $2,556 level.
ETH Total ETF Flows for 4 Nov: $ - 42.7 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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